Large Chainlink Whales Accumulate 57M LINK Worth $855M in 30 Days

Chainlink accumulation by large whales has been on the high side, as these addresses procure 57 million LINK tokens worth $855 million in 30 days. 

IntoTheBlock, a prominent on-chain data provider, spotlighted this impressive metric in a post on X today. This accumulation campaign prevailed despite the market turbulence that saw Chainlink lose some of the gains picked up in the late 2023 rally.

Chainlink Whale Accumulation Pattern

Data from the Chainlink Large Holders Netflows chart from IntoTheBlock reveals an interesting pattern in correlation with LINK’s price action.

Notably, the first two days of January saw a massive buying spree from these addresses, as they added over 4 million LINK daily to their balances. 

At the time, LINK maintained the $15 price level, as the bullish momentum from the previous year spilled into the new year. However, Jan. 3 came with some market turbulence, resulting in Chainlink dipping below the $15, $14 and $13 psychological levels.

LINK collapsed to a low of $12.20, triggering a massive selloff trend, with large LINK whales dumping over 2 million tokens, as selling pressure mounted. LINK eventually recovered from the downturn, but remained below $15 for one week.

Interestingly, despite the downtrend that plagued Chainlink over this one-week period, these whales continued to procure more assets.

The phase, which could be likened to a “buy-the-dip” period, saw the largest consecutive days of sustained accumulation, with daily purchases above 4 million LINK for five days.

This extended accumulation phase eventually came to an end, as Chainlink retested $15 on Jan. 10 and dropped below the threshold two days later. These whales demonstrated erratic purchase and selloff activities in the days that followed, but purchases largely overshadowed sales.

Per data from the IntoTheBlock chart, the accumulation came to a halt on Jan. 24 and remained low until Jan. 29. Overall, the whales procured over $855 million worth of LINK during the 30-day period, demonstrating confidence in the token’s long-term prospects.

Selling Pressure Declines as LINK Targets $17

As Chainlink looks to the December 2023 high above $17, selling pressure has drastically declined. Notably, CryptoQuant data reveals that LINK reserves on centralized exchanges have dropped since yesterday, hitting lows last seen earlier this month.

Further data confirms that investors have continued to move their LINK off exchanges, presumably to HODL them for an extended period. The Chainlink Exchange Netflows shows over 1.392 million LINK withdrawn from exchanges today.

Per data from the chart, this is the largest intraday LINK withdrawal from centralized exchanges in over a year. Meanwhile, LINK has leveraged this reduced selling pressure and the Bitcoin resurgence to rally 5% in the past 24 hours. The asset trades for $15.17 as of press time.